Monitoring and knowing the trends of e-commerce is necessary for any business that has an online store and wishes to boost it. These trends should be analyzed and established accordingly to the needs of each business and its objectives. Adapting to these trends means adapting to changes and the new needs the users experience every day.
According to Global Digital Overview’s report of July 2020, in June, 81% of the online users that search for a product or service online were between the ages of 16 and 64 years old, 90% of the users who bought products, did it by an online store, 67% used a shopping application on their phone or tablet, 74% purchased the product online and 52% purchased the product through a mobile application.
Trends that any e-commerce business should know
The following are trends that any e-commerce business should know if they want to stand out from the actual market.
1. Purchases from a cell phone
The statistics for the year 2019 show that 67% of the world population owns a cellphone, this number keeps growing and proves that browsing the internet through a cell phone has become more frequent than doing it through a computer or tablet. The impact that these tools have experienced due to shopping online, has been meaningful. According to eMarketer, for 2021, it is expected that sales through mobile e-commerce will represent 54% of the total sales in the e-commerce market. Also, the projections of Statista show that for 2021, 53.9% of all retail e-commerce in the United States would be done through mobile devices.
Is necessary for all e-commerce businesses to have a priority for mobile users, who will transform into potential customers. The optimization of the website can not be ignored so that the search and purchases are efficient, besides, It creates a shopping experience that attracts customers.
2. Voice Shopping
This new tendency focuses on sales using the voice provided by mobile devices. Studies made by BrightLocal show that 28% of the consumers in the United States use voice-activated systems to search for local businesses, which represents a valuable opportunity for e-commerce companies that are looking to position their websites, by optimizing their online shopping using voice commands.
Virtual assistants like Alexa (Amazon’s assistant) and Google Home, have incorporated this type of functionality, which has facilitated the transactional activities, through the use of voice. This trend should be kept in mind when developing an e-commerce business, like a distinctive factor, and a way to separate it from the searching engines.
3. Artificial intelligence and chatbots
Using Artificial Intelligence (AI) and machine learning of e-commerce business helps to increase customization and improves customer service, offering a personalized experience, as requested by the client. Through these tools, businesses can gather information and data from their clients, to adjust the website to their needs, this way, improving the shopping experience. Recent data show that customization efforts can reduce the bounce rate by 45%. Also, AI can be used to automate tasks for the employees of the company.
As an example, customer service through chatbots can help the clients at any time, any day of the week, allowing them to create a conversation with the business immediately. Companies like IBM Watson and Facebook lead the market of chatbots, whose main function is to be specialized advisors to solve questions and offer solutions to the clients. Plus this tool allows the company to know the reasons why the customers did not purchase at the online store, using this information to improve the customer experience.
4. Big data customization
This trend uses large amounts of data that can make an impact on e-commerce, this industry keeps growing, and getting to know the client completely has become a priority. The companies want to know more and more about their clients and now this can be done effectively. As mentioned before, customization is becoming a key element in an online store, to achieve it, the companies should be capable of processing a large volume of information in real-time, which will contribute to developing successful customer experience.
This information can be the behavior of the user in the online store, the products and categories visited, products added to the shopping cart, products shared in social media, and other actions. Customizing your e-commerce business through big data can involve large amounts of data processing to optimize the costs of operations. Well-known tools for Big Data like Amazon Redshift and BigQuery, are data stores in the cloud that offer several possibilities for analyzing data. BigQuery, allows us to implement mathematical models for data analysis, through tools of machine learning. Two of these models are: linear regression, that can be used to preview the sales of a specific product a certain day, and binary logistic regression that can help to determine if a client will purchase or not.
5. Sales through social media
According to data from eMarketer, commerce through social media increased from 23% to 31% from December 2018 till October 2019. Some social media platforms, like Instagram, Pinterest, or Facebook now offer tools that allow boosting sales from these spaces, providing the user with an easy shopping experience without interruptions. Plus they can finish the purchase without having to go to a website.
The social media network, Instagram now has Instagram Shopping Checkout, a feature that allows the client to purchase from this application, however, it only is available in the United States.
6. Virtual reality and augmented reality
The virtual and augmented reality allows the user to visualize the products of interest before purchasing them, overcoming the obstacle of not seeing them first hand, but allowing the client to compare how the product would look when it is being used. The platform Amazon Sumerian is Amazon’s bet, where they can create and execute 3D applications through virtual reality (VR) and augmented reality (AR) based in browsers. In this platform, the company can incorporate a new dimension in their web and mobile applications, which allows them to increase the level of customer interaction with the brand, also allowing the system to integrate other services of AWS that can offer by accessing simple machine learning.
This trend allows the business to offer innovative solutions that attract and awake curiosity from the users, adding real value to the shopping experience. Plus it can open new paths to direct contact with the customers since the brand has the opportunity to project real-time information in the daily life of the user.
More and better ways to pay online, without a doubt, one of the most important customer requirements, they expect an easy and fast purchase plus not having to fill too many spaces. E-commerce websites are using more payment options like Apple Pay, Paypal, and other options that allow payments without friction.
Blockchain technology allows us to capture the data of one transaction, verifying the identity, and guaranteeing integrity. That way, during the transaction, each party can be reassured that the data is true and has not been tampered. E-commerce business allows you to build a platform free of tampering, without third parties interfering with the exchange of goods or services, facilitating transactions, and helping simplify commercial exchanges within the business. Shopify, a worldwide leading platform in the creation of online stores, allows you to integrate different cryptocurrencies through an API. To accept these cryptocurrencies, It should use alternative payment platforms such as Coinbase Commerce, BitPay, GoCoin, or CoinPayments Beta, from the payment website of your administrator in Shopify.
As an e-commerce business, it is important to keep up with the trends and innovations of the industry in order to grow this year. These trends could be beneficial for the objectives of the business, any trend that you choose to implement should be focused on optimizing the customer experience and creating brand loyalty. Choosing the tendency that fits more your business depends on the market it belongs to and the type of product or service you offer.
Also, working side by side with new technologies will allow the e-commerce business to grow and stand out from the competition in the market, eventually getting more potential customers.